Mendoza School of Business

Shane Corwin

Finance Department Chair; Applied Investment Management Alumni Collegiate Professor of Finance
  255A Mendoza College of Business
  • Biography
  • Background
  • Publications
  • Awards

Shane Corwin is a Professor and the William and Cassie Daley Department Chair in the Department of Finance. He served as the inaugural Faculty Director of the Notre Dame Institute for Global Investing from 2015-2020 and as the Institute's Research Director from 2020-2022. He received a B.S. and an MBA from Mankato State University and a Ph.D. in Finance from The Ohio State University. He was an Assistant Professor at the University of Georgia prior to joining the University of Notre Dame in the fall of 2000.

Shane teaches applied investment management (AIM), security analysis, and investments at the undergraduate, graduate, and exec level. He has received several teaching awards at Notre Dame, including the Master of Science in Finance Outstanding Professor Award (2023), the Rev. Edmund P. Joyce, C.S.C. Award for Excellence in Undergraduate Teaching (2013, 2022), the Chicago EMBA Professor of the Year Award (2008, 2022), the South Bend EMBA Professor of the Year Award (2022), the BP Outstanding Teacher Award (2006), and the Kaneb Teaching Award (2005).

Shane's research focuses on security market design and investment banking. He has published articles in numerous finance journals, including the Journal of Finance, the Journal of Financial Economics, the Journal of Financial Markets, the Journal of Financial Intermediation, and Financial Management. In recent articles, he has studied the role of limited attention in securities trading, the measurement of transaction costs, conflicts of interest related to maker-taker fees on U.S. stock exchanges. He has also served as a member of the Nasdaq Economic Advisory Board and has been awarded research grants from the Notre Dame Deloitte Center for Ethical Leadership, Morgan Stanley, and the Q-Group.

Shane enjoys traveling and spending time with his wife, Sarah, and their four children, Meghan, Jacob, Paige, and Kaitlyn.

Ph D, Ohio State University
MBA, Mankato State University
BS, Mankato State University

Areas of Expertise
Market Microstructure
Investment Banking

"Investment Banking Relationships and Analyst Affiliation Bias: The Impact of Global Settlement on Sanctioned and Non-Sanctioned Banks", (With Stephannie Larocque, Mike Stegemoller), Journal of Financial Economics, 124, 2017

"Unrecognized Odd Lot Liquidity Supply: A Hidden Trading Cost for High Priced Stocks", (With Robert Battalio, Robert Jennings), Journal of Trading, 12, 2017

"Can Brokers Have it All? On the Relation between Make-Take Fees and Limit Order Execution Quality", (With Robert Battalio, Robert Jennings), Journal of Finance, 71, 2016

"A Simple Way to Estimate Bid-Ask Spreads from Daily High and Low Prices", (With Paul Schultz), Journal of Finance, 67, 2012

"When a Halt is Not a Halt: An Analysis of Off-NYSE Trading during NYSE Market Closures", (With Bidisha Chakrabarty, Marios Panayides), Journal of Financial Intermediation, 20, 2011

"Order Characteristics and the Sources of Commonality in Prices and Liquidity", (With Marc Lipson), Journal of Financial Markets, 14, 2011

"Limited Attention and the Allocation of Effort in Securities Trading", (With Jay Coughenour), Journal of Finance, 63, 2008

"The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition", (With Paul Schultz), Journal of Finance, vol. 60(1), 2005

"Specialist Performance and New Listing Allocations on the NYSE: An Empirical Analysis", Journal of Financial Markets, vol. 7(1), 2004

"The Development of Secondary Market Liquidity for NYSE-Listed IPOs", (With Jeffrey Harris, Marc Lipson), Journal of Finance, vol. 59(5), 2004

"The Determinants of Underpricing for Seasoned Equity Offers", Journal of Finance, vol. 58(5), 2003

"Nasdaq Trading Halts: The Impact of Market Mechanisms on Prices, Trading Activity, and Execution Costs", (With William Christie, Jeffrey Harris), Journal of Finance, vol. 57(3), 2002

"The Initial Listing Decisions of Firms that Go Public", (With Jeffrey Harris), Financial Management, vol. 30(1), 2001

"Order Flow and Liquidity Around NYSE Trading Halts", (With Marc Lipson), Journal of Finance, vol. 55(4), 2000

"Differences in Trading Behavior Across NYSE Specialist Firms", Journal of Finance, vol. 54(2), 1999

"Arnie Ludwig Outstanding Professor Award, South Bend Executive MBA", University of Notre Dame, 2022

"Leo Burke Outstanding Professor Award, Chicago Executive MBA", University of Notre Dame, 2022

"Rev. Edmund P. Joyce, C.S.C., Award for Excellence in Undergraduate Teaching", University of Notre Dame, 2022

"James Dincolo Outstanding Teaching Award", University of Notre Dame, Mendoza College of Business, 2019

"Office of the Dean Mission Award", Mendoza College of Business, 2017

"Rev. Edmund P. Joyce, C.S.C., Award for Excellence in Undergraduate Teaching", University of Notre Dame, 2013

"Chicago Executive MBA Outstanding Faculty Award", 2008

"BP Oustanding Teacher Award", University of Notre Dame, 2006